Overview

💰Cheques Module

Purpose

This Module allows users to manage cheques throughout their lifecycle, from issuance to payment.

Benefits

• Improved cheque tracking and visibility

• Streamlined cheque processing

  
  

Examples

• A company issues a cheque to a vendor for goods or services.

• A customer makes a payment with a cheque.

• A cheque is returned unpaid due to insufficient funds.

Glossary of terms

• Cheque: A written order to pay a specified sum of money from one person to another, drawn on a bank and payable on demand.

• Under collection: A cheque that has been deposited in the bank but has not yet been cleared.

• Collected: A cheque that has been cleared by the bank.

• Bounced: A cheque that has been returned unpaid due to insufficient funds.

• Paid: A cheque that has been cashed or deposited in the bank and has been cleared.